As Americans age and the economy tightens, many worry about whether they’re saving enough for retirement. In a recent nationwide survey commissioned by the National Institute of Retirement Security, 79% of working-age Americans believe the nation faces “a retirement savings crisis,” up from 67% in 2020. Of those individuals, 55% think they won’t reach financial security in retirement.
Saving enough for retirement often causes anxiety, and many Americans lack the necessary financial education. Watchdog organization ConsumerAffairs, citing research from Beyond Finance, noted that “43% of us have no clue what a 401(k) is and 70% saying they had no shot of winning a game of personal finance trivia.”
The ConsumerAffairs story discusses the benefits of a 401(k) and overcoming the procrastination that prevents people from utilizing this vital savings tool. Erika Rasure, Beyond Finance’s chief financial wellness advisor, shares insights on this widespread financial hesitation, noting that avoiding or obsessing over finances is common.
“Unfortunately, avoiding looking at your finances and making healthy changes is incredibly common,” said Dr. Erika Rasure, chief financial wellness advisor of Beyond Finance. “Some people tend to neglect taking stock of their financial situation, and others can become nervously consumed by it. There’s a middle ground to take when improving your financial health — learn healthy money habits, pay attention and make small, achievable adjustments to your spending and habits.”
As one of the nation’s largest debt consolidation organizations, Beyond Finance is dedicated to empowering consumers with a smarter path to financial freedom. Through tailored solutions, Beyond Finance helps clients reduce monthly payments, minimize interest impact, and achieve a debt-free life—using proprietary tools designed for transparency and ease-of-use.